Residual Stake Fund doesn't come under RNSC's purview

Residual Stake Fund that will comprise minority interests of the Authority for State Assets Recovery (AVAS) will not come within the purview of Romanian National Securities Commission’s regulation, said Mircea Ursache, chairman of Supervisory Council of Property Fund.

Ursache (photo) added the project had been completed with the selection of a law firm for the writing of the memorandum and submission of the emergency ordinance draft to the Government.

“The role of Residual Stake Fund is to sell these interests and steer the cash flow into the state budget, after which it will be dissolved” said Mircea Ursache.

The fund that will go public at the Bucharest Stock Exchange will have a start-up capital of €30 mln and will comprise AVAS’ minority interests in over 300 companies.

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